Value Creation in Hospitality

How do companies respond to challenges? Are we trying to answer today’s problems with old thinking and methods just because the old methods are familiar and safe? The way that companies in the past used to create value for their customers does not function anymore. Today’s problems need diverse skills and creative thinking more than ever to optimize customer experience along with the company’s value and profits. Understanding value creation and making change happen is essential in running any business. The course will facilitate your journey in management positions.

Critical challenges facing the hospitality industry’s value creation models in the twenty-first century are increasing by the ever-changing customer expectations. Traditional approaches to market dynamics, pricing or distribution do not any longer enable companies to reach the full potential and future profit level requirements. In this context, hospitality operators need to step away from old practices and start to embrace more holistic, collaborative, customer-centric and sustainable business practices.

Since value in the hospitality industry is clearly co-created by the customer and the company itself, it’s evident that company must be able to capture customers’ expectations and translate them to strategies and tactics. To be able to achieve these goals, it is essential to understand how teams can align themselves throughout the organization. While there is a focus on hotels, this course is also relevant to the other sectors of the hospitality food and beverage sector, events, rentals, etc.

The participants are expected to watch all the video content under each module, acquaint themselves with additional materials provided, and then take the quizzes. The quiz can be taken 3 times and we recommend that participants watch the videos and practise until they feel they master the topic.

Why start studying now?

Creating value is a key factor in making your business profitable. How do you know the ‘right” price level of your products and services – in any changing market situation? How do you know, how much your customers are willing to pay? Are you selling products that your customers desire? How do you add value? The more your customers see perceived value in your company, the more your profit margin will grow. Learn the tricks of the trade today!

Course objectives

• Understanding the role of ever-evolving customer expectations in the Hospitality value creation chain
• Learning how pricing is not just a technical rate-setting exercise, but mastering the key drivers behind the pricing decisions
• How to evaluate and use the right distribution channels to reach the right customers in the most profitable manner
• Understanding how traditional Revenue Management practices have reached their limits and how the future expectations are shaping the discipline
• Understanding the role of data, Customer and Business Intelligence and how it is becoming one of the key elements of any successful and profitable hospitality operation.

Skills

• understanding of advanced customer segmentation and insight
• knowledge of how strategic pricing and distribution choices are driving the value of the company
• how Revenue Management is key for profitable business

Course outline

Module 1. The Fundamentals of Hospitality

Module 2. Customer Segmentation in Hospitality

Module 3. Strategic Pricing in Hospitality

Module 4. Distribution in Hospitality

Module 5. Strategic Revenue Management in Hospitality

Module 6. Customer and Business Intelligence in Hospitality